Phantom, a provider of cryptocurrency wallets, has released an emergency update for its iOS application after users reported issues that caused app resets, preventing access to their wallets. Users who had installed the recent update found themselves locked out unless they could recall their recovery phrases. Phantom acknowledged this problem, advising affected users to restore their wallets with their recovery phrases and emphasizing the importance of keeping these phrases secure. The company stated they were committed to preventing future occurrences. Reports from users on social media indicated that some had lost substantial sums, with one user claiming to have lost $600,000 in funds. Phantom clarified that due to the nature of wallets, they cannot assist users who lost their seed phrases since they do not store or have access to them, but they recommended reaching out to support for further assistance. This incident follows previous issues with the app experiencing downtime and account balance discrepancies in October.

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